Q2 2026 Rexford Industrial Realty Inc Earnings Call Transcript
Key Points
- Leasing volume increased by 50% year-to-date compared to the previous year.
- Rexford Industrial Realty Inc (REXR) raised its core FFO per share guidance for the second consecutive quarter.
- The company announced a comprehensive portfolio realignment, planning to dispose of approximately $2 billion of non-core assets to enhance portfolio quality.
- Operational rigor led to an additional $3 million in G&A savings this quarter, totaling $22 million since 2025.
- The infill Southern California industrial market is experiencing positive net absorption and lower market vacancy, indicating improving fundamentals.
- Cash re-leasing spreads for the quarter were negative 11.3%, primarily due to rent roll downs from leases signed at the market peak.
- Orange County experienced negative net absorption, with market rents declining over 1% sequentially.
- The company recognized a $625 million impairment charge this quarter due to the shortened holding period on non-core assets.
- Rexford Industrial Realty Inc (REXR) expects continued pressure on re-leasing spreads due to leases signed at peak market rates rolling over the next few years.
- The company's average occupancy declined by 60 basis points quarter-over-quarter, driven by larger move-outs, including one due to bankruptcy.
Good morning. My name is Holly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rexford Industrial Realty, Inc. second quarter 2026 earnings call.
(Operator Instructions)
I will now hand the call over to Doug Bettisworth, Senior Vice President, Investor Relations and Capital Markets at Rexford Industrial. Doug, please go ahead.
Thank you, and welcome to Rexford Industrial's second quarter 2026 earnings conference call. In addition to yesterday's earnings release, we posted a supplemental package and earnings presentation in the Investor Relations section on our website to support today's remarks.
As a reminder, management's remarks and responses to your questions may contain forward-looking statements as defined by the federal security laws, which are based on certain assumptions and subject to risks and uncertainties outlined in our 10-K and other SEC filings. As such,
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